Inspection of anti-money laundering, counter-terrorist financing and counter-proliferation financing activities

From 5 to 16 December 2025, an interagency inspection team led by the State Bank of Vietnam inspected the anti-money laundering, counter-terrorist financing and counter-proliferation financing activities of Kien Long Commercial Joint Stock Bank. The interagency team comprised the State Bank of Vietnam, the Ministry of National Defence (represented by Standing Office 81) and the Ministry of Public Security (established under Decision No. 3617/QD-NHNN of 6 November 2025 of the Governor of the State Bank of Vietnam). The inspection also contributed to implementing the National Action Plan to fulfil the commitments of the Government of Vietnam to the Financial Action Task Force (FATF), issued under Decision No. 194/QD-TTg of 24 February 2024 of the Prime Minister.

The interagency inspection team inspecting AML/CFT/CPF activities at Kien Long Commercial Joint Stock Bank (KienlongBank)

In accordance with its plan, the team inspected the issuance and implementation of internal regulations on anti-money laundering, counter-terrorist financing and counter-proliferation financing; the identification, updating and verification of customer information in accordance with the law on anti-money laundering, counter-terrorist financing and counter-proliferation financing; compliance with the requirements on suspicious transaction reporting and on risk assessment reports on anti-money laundering, counter-terrorist financing and counter-proliferation financing; and a number of other matters.

Through urgent and rigorous work, the team identified shortcomings of Kien Long Commercial Joint Stock Bank in complying with the law on anti-money laundering and counter-terrorist financing, and in particular shortcomings in countering proliferation financing, such as: internal regulations issued in a manner inconsistent with the regulations; inaccurate provisions on the frequency of updating the designated lists relating to proliferation and proliferation financing; insufficient attention to education and training on countering proliferation financing, with rudimentary training materials; and a proliferation financing risk assessment report that remained a formality. The team drew up a record and required Kien Long Commercial Joint Stock Bank to end the violations and remedy the above shortcomings.

Earlier, from 13 to 24 November 2025, the interagency inspection team also conducted an inspection at Vietnam Public Joint Stock Commercial Bank (PVcomBank).